Oil hits highest since Nov 2014 as Brent edges closer to $80

U.S. oil shipments to Asia may hit new high in July cool Mideast crude prices

Since the European Union is unlikely to follow the U.S.in re-imposing sanctions on Iran, the overall impact on the Persian Gulf state's exports will be "far more muted" than in the past, tanker tracker Petro-Logistics said in a note. Now, they are already 15 percent lower than year-ago levels, thanks in large part to OPEC's cuts specifically targeting the US market.

While recent data confirms strong growth in 1Q18 and the start of 2Q18, we expect a slowdown in 2H18, largely attributable to higher oil prices.

Increased tight oil production and an increase in output from Canada and Brazil should further support non-OPEC supply toward the end of this year. However, capital expenditures (capex) rose by only 2% year/year (y/y), and were down by about 42% from 2014 levels.

China's foreign ministry said last week it regretted the US decision and called for parties involved to stick to diplomatic approaches to stay on track for full implementation of the 2015 accord. While the outlook for economic growth is worsening in many regions (such as the Eurozone, Japan and in emerging markets), crude oil prices continue to rise thanks to supply concerns in producing countries such as Iran and Venezuela.

The agency trimmed its 2018 world demand growth projection by 40,000 barrels a day to 1.4 million a day, projecting total consumption at 99.2 million barrels a day. The high price of Brent is attracting USA exports.

A report by the International Energy Agency on Wednesday warned that the rising price could hit demand. There is one big difference now, of course-shale's massive growth.

Oil stocks were expected to drop further as the peak summer driving season nears, offsetting increases in USA shale output, said analysts at Bernstein.

Delhi set to become the world's biggest city
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I Was Jailed For Three Years For Fighting Corruption - President Buhari
Soyinka said , "That we have been bled dry in this nation by corrupt leadership and their agencies is nothing to reiterate". When you have an angel banished to hell, he's now a demon, and demons can not lead this fight.

Italian great Gianluigi Buffon set to announce retirement
Gianluigi Buffon's agent said the Italy and Juventus goalkeeper is one of a kind as he prepares to bring an end to his career. Wojciech Szczesny, the former Arsenal keeper, will become Juve's No.1. "It was a year of weariness".

The general public has starting feeling the pinch in their wallet as the oil prices have now climbed to five-years high and are unlikely to go down anytime soon.

A potential loss of Iran output, declining Venezuelan output, and the "double supply shortfall" it presents could prompt other producers to step in to fill the gap - although this comes at a time of production restraint among major oil producers in an attempt to boost prices. Markets face other disruptions besides Iran, with Venezuela's output plunging to the lowest since the 1950s as its economy unravels.

For now, the rapidly changing geopolitical landscape will move the attention away from stocks as producers and consumers consider how to limit volatility in the oil market.

Oil prices slipped on Wednesday, as a strengthening dollar overshadowed a US crude inventory report that showed domestic crude stocks falling more than expected.

A surge to triple digits is not guaranteed, of course.

Surging prices were capped after China reported weaker-than-expected investment and retail sales in April and a drop in home sales, clouding its economic outlook even as policymakers try to navigate debt risks and defuse a heated trade dispute with the United States. Still, Goldman Sachs Group. said OPEC won't proactively replace the lost barrels, given its current narrative that the market isn't fully re-balanced.

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